Results of the previous day:

On Friday, Russia's stock market did not stay away from returning to the world of the former mindset regarding the economic outlook and as a result of unbridled appetite for risky assets, vzmetnuv up bidding to the upper boundary of the current downtrend of the corridor.

RTS index soared to 3.14% to 1050.44 points, MICEX - to 4.06% to 1106.05 points. Trading volumes have increased, returning to more normal recent values.

Start trading session was held in a negative manner. Early completion of the program cash-for-avtohlam, which revived the American automobile industry, and with it, and gave impetus to the restoration of industrial production, coupled with the advent of the information that Chinese regulators still going through changes in accounting rules off-balance sheet assets to tighten monetary policy that marred the last morning day of the week. The finder of a catalyst for technical sales in the oil market and gone into deep negative futures for U.S. indices have left no other choice bidders for Russia's stock market as a start to fix the profit on the open before Long.

However, this process has not received development, dominant in the market sales with the opening of European stock sites have lost their momentum, giving way to shopping. Changing attitudes occurred in connection with the growing expectations of the publication of favorable macroeconomic data and, as it turned out, later this bet paid off handsomely. Initially, bulls were encouraged by preliminary results of the calculation of indexes of business activity in the euro zone,a composite index for the first time in the past 14 months has reached a neutral level of 50%, show an economic downturn. These data strengthened the European currency against the dollar, which automatically increased the attractiveness of commodity contracts, including those important for the domestic stock market of oil, coupled with the overall positive mood in financial markets contributed to a more flexible reaction quotes Russia's actions.

MICEX Index on such external background in the afternoon without hesitation entered the region was formed on Tuesday the price gap down to a day earlier suspended the development of rebound up after falling the previous day. In the future, given that the factors that have contributed to changes in the movement gathered pace up and did not arise: the price of oil and key stock indexes in Europe except for the German DAX by that time were able to exceed the maximum level since the beginning of the year - bulls have full settle accounts with bears for the losses they have in the early week injury. At running like a snowball during Sunday's closing short positions, profit MICEX index closed the gap down on Tuesday. But on this bulls do not calm down, breaking the upper limit of gap, which are logged on technical buying upward movement gained new momentum.

culmination of speculative purchases of the day and week as a whole have sales data on the secondary housing market and address the annual symposium of representatives of central banks worldwide head of the Federal Reserve Ben Bernanke. Sales in the secondary housing market were much more optimistic than experts had expected, reaching the maximum marks for the past two years and showed a higher fourth month in succession that even the most inveterate pessimists talked about restoring the housing market. Fiscal incentives, along with the sales of written-off assets at fire-sale prices, which amounted to nearly one eighth of total sales, contributed to unexpectedly high value of the overall indicator.

from Ben Bernanke, investors also got what they want. Person number 1 in the financial world just summed up the results of its activities, noting that the coordinated actions of his agency and his colleagues from the central banks of other major developed countries have suspended development of the most severe since the Great Depression of the financial crisis that saved the world from imminent disaster. In the future, Mr. Bernanke repeated earlier words spoken by other prominent economists that a recession in his view has been completed and now the global economy is the gradual recovery of lower potential growth. His speech was nothing unexpected, but his words made the proper psychological effect on market participants, who saw a little earlier published figures for sales in the secondary housing market, with even greater enthusiasm rushed to buy. The result of this euphoria was the achievement of the MICEX index lower boundary of the descending corridor after the completion of the July rally, where only the exchange gong could stop buyers.

greatest response expectations in reviving the global economy found in the shares of oil and gas (Micex OG 4.14%) and metallurgical (Micex MM 4.43%) segments. Leaders in these papers were CMI (8.72%), which again suffered from a strategic buyer and purchase of shares of Rosneft (6.85%), against presentation of the commercial launch of the Vankor oilfield, which will be the main resource base for the ESPO oil pipeline under construction. The event was expected, but the wide press coverage of this event allowed the securities to attract more buyers. Worse opponents looked Paper Novatek (-1.12%), in which investors seem to have reacted negatively to the recent reduction Announcing the investment program.

In the absence of support from the commodity markets, the financial index Micex FNL added only 1.99%. Index Micex PWR power increased even less at 1.42%, which is probably associated with the request of Prime Minister Vladimir Putin to draft a temporary state regulation of prices in the wholesale electricity market, which to some extent reduce the investment attractiveness of the industry.

Looking at this market:

The American stock market (SP 500 1.86%) reacted with enthusiasm to a very optimistic data on sales in the secondary housing market and the speech of the Federal Reserve Ben Bernanke, in which it was noted that coordinated action by central banks around the world averted financial disaster. Also, Mr. Bernanke added that now the world economy is in a phase of recovery from the deepest since the Great Depression of the recession. Until the end of the day the buyers controlled the course of trading, retaining all the advantage gained in early trading. On Monday futures for U.S. indices (SP 500 0.51%) signal on the Conservation of optimistic sentiment.

Asian stock markets (MSCI Asia Pacific 2.3%) on Monday, enabling the data win back sales in the secondary housing market and the opinion of the U.S. Federal Reserve head Ben Bernanke, that the prolonged phase of recession in the global economy is complete. Additional support is provided by weakening Japanese yen. Head the growth of securities of mining and oil companies against the backdrop of favorable trends in commodity markets. Prices for copper and nickel today updated its peak so far this year, oil prices (WTI $ 74.15/barr.) Consolidated slightly lower than similar marks.

Russia's stock market starts the week of break-up not less than 0.5%, followed by mild profit-taking and the market will fall further in the lateral drift. Bidders will rethink your Friday spurt quotes, trying to find a convincing signal for making trading decisions in one direction or another. Currently, the MICEX index reached the upper boundary of the descending corridor, adjusted for August 13th's failed attempt to access to new highs. From this level, bears a smooth transition into a counterattack, but the reason for this except for removing technical overbought today no. Prices for commodity markets are not going to fall back from highs reached on the stock markets in mind in general neutral news background of aggressive movements not expect. Will be published only data on industrial orders in the euro area (13-00) and index of business activity in the manufacturing sector FRB Chicago (16-30). However, the bulls After success at the end of last week, today will be more tired and may priumerit your zeal for in the consolidation above 1,107 points on the MICEX index, in the future they will have to pass a fence 1120-1130 points, which meant scant Agenda day may not be worth the candle. Today ends accepting applications for participation in the additional issue of VTB. Factor, who supported stock quotes, bank number 2 in Russia, will cease to be relevant, that could trigger a wave of profit taking on the fact those who bought into this idea.

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